Doom and gloom always makes the headlines, doesn’t it? People love to watch a train wreck, and Lethbridge real estate is no exception. While Canadians haven’t suffered near the blow experienced by our neighbors to the south, we’ve definitely felt some big shifts in real estate in recent years. From the subprime mortgage crisis in the U.S. to the persistent global economic crisis upon us today, there are myriad dynamics impacting the very personal decisions of Canadian families regarding home ownership.
I’m not a financial expert or a mortgage broker, but as a Lethbridge real estate agent I strive to stay on top of the financial realities facing local homeowners and buyers. In that day to day process of reading and research, I’ve discovered one central truth: headlines seldom tell the whole story and they almost never tell the *local* story. What’s happening in the Vancouver luxury market or the Toronto condo market is hardly a reflection of what’s happening here in southern Alberta. And those news bits and bytes–interesting as they might be–don’t always help people like you and I make smarter decisions about our real estate.
The “Local-vs-Big Picture” Dynamic: Reader Beware!
The article I’ve cited below is an excellent illustration of why it’s so important to keep your “Lethbridge Hat” on when interpreting real estate news. While the attention grabbing headline about the “national dip in housing” appears to be cause for concern, it’s not at all indicative of the Alberta story that is but a footnote to the article.
In terms of housing starts, Alberta is a different picture altogether. This is not to mention other positive real estate indicators we’re seeing, such as low unemployment or population growth. Big picture changes and trends like tighter mortgage rules and the desire to save will also impact real estate demand and affordability. The point is, understanding your local real estate market requires a willingness to look at all the facts in context.
Food for thought next time a national headline grabs your attention, yes?